Different Types Of Credit Cards

Happy Friday everyone!

Who’s looking forward to the weekend? :raised_hands:

Yesterday we published a huge guide to credit cards. We’ve looked at the pros and cons of owning a credit card, as well as the different types of cards you can get.

You can read the article here :point_down:

I personally think credit cards can be an excellent financial tool, but only when used correctly!

What are your opinions on credit cards? What’s your card of choice? :credit_card:

I have an Amex, you can signup here. :kissing_heart: http://amex.co.uk/refer/eDOARMT6jj?XL=MIDNS

Credit cards are pretty problematic. At one end, you get free credit, cashback, perks etc. At the other end, you get stuck in a nightmare of rapidly spiralling debt. The poor subsidising the rich…

If you don’t pay back. :man_shrugging:t2:

Cheeky referral there :grin:

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I currently have five cards.

Amex is my card of choice.

I have 2x VISA and 2x Mastercard, so all bases covered.

Only two are used regularly, Amex and Amazon Mastercard. Both with cashback rewards.

One VISA has commission-free currency spend.

Other VISA is a 0% interest purchase offer. Used for my holiday purchases for 2020, and all refunded back to card thanks to covid :man_shrugging:

Other Mastercard, unused, was a former 0% interest purchase credit card.

All cards paid in full each month, except the 0% one, where I make a fixed monthly payment, just above the minimum payment, while the rest of the balance sits in a 1.7% fixed rate savings account (until March 2021 anyway).

So all good.

If not in control of credit usage though, they can be very bad.

Luckily, I have never paid interest on any of my credit cards, ever! Well trained :grin:

You might want to mention section 75 protection as a benefit of credit cards.
Also good for hotels and rental payments - you don’t really want security deposits coming out of your current account, and some places will only take credit cards.

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Sounds like you’ve got it all under control :raised_hands:

Yes good point! I’ve updated the post with this now - thanks :blush: